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Finance Minister: Banking System should Drive Economy, not Destroy It

April 12, 2018795 Views

Minister of Finance Mamuka Bakhtadze has announced a new government initiative for shaping an alternative to expensive banking products.

When talking about the new initiative, Minister of Finance Mamuka Bakhtadze said that the Georgian bank sector should drive Georgian economy, not destroy it. But we have different reality in the country, he added.

“Georgian banking system should drive Georgia economic development, not hamper it. But we have received other reality in the country, as commercial banks do not perform their function.

Consequently, we have decided to shape an alternative source and we have called it a reform for creating starting capital”, Mamuka Bakhtadze noted.

The reform will ensure almost interest-free money resources for young entrepreneurs. This will be alternative to high interest rate banking products!

Our economy growth will become inclusive with focus on population and free economic principles.

Entrepreneurship activity will considerably increase through automatic system of VAT return, 1% tax component and reformation of access to capital. This signifies that small and medium business and new entrepreneurship will have at least 60% ratio in GDP growth”, Mamuka Bakhtadze said.